Friday, May 18, 2007

4 X Divergent Bottom Results in a Slingshot Effect of +6.00pts on Globex

09:26pm New PRIME Resistance High created.
09:29pm Looking for LONGs.
09:33pm LONG 1522.00 / STOP 1521.00
09:34pm Moving STOP to 1521.75
09:35pm Stopped at 1521.75 / -0.25pts. I quickly moved my STOP as PRICE Matched at 1522.75. Didn't want to risk a waterfall drop, near the top.
09:37pm PRICE is almost reaching PRIME, on the TREND Chart. So if I get a Minor PPF of Resistance on the Trading Chart, I will be looking for SHORTs.
09:39pm PRIME, on the TREND Chart.
09:43pm A Minor PPF of Resistance setting up on the Trading Chart....will look for for a PF.
09:46pm SHORT 1520.75 / STOP 1521.75
09:49pm PRICE refusing to go down. Moving STOP to 1521.00
09:53pm Stopped at 1521.00 / -0.25pts. See what I mean? The buyers just kept coming in at 1520.25. It was relentless support buying.
10:10pm Another possible SHORT setting up.
10:12pm What a clever trick..! Don't think any pets could have done what the ES PRICE did just now. LOL.
10:14pm Honestly, at this levels, I am no longer confident in taking LONGs. Will be patient & just wait for a better set up.
10:34pm Missed that SHORT. Put in my order at 1524.00 but they didn't take me, but instead they started to throw down at 1523.75
10:36pm Will wait for a safer option - Minor PPF of Resistance.
10:52pm SHORT 1522.75 / STOP 1523.50
10:54pm Stopped at 1523.50 / -0.75pts. Have been caught out with a couple of fake-outs tonight. I may or may not take another trade. Will see if a goooood set up presents itself.
11:01pm It is really frustrating to see your trade actually going in your favour, if not for the fake outs that stopped you out earlier.
12:03am Are we trading or watching paint dry? Man, the last hour has been extremely boring!
12:05am Attempting one last trade - a SHORT.
12:08am SHORT 1521.75 / STOP 1522.75
12:11am Again, another fake-out...
12:13am Stopped at 1522.75 / -1.00pt.
12:14am I'm done. The fake-outs tonight are rampant. 4 Trades. 4 Losers.

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